REGISTERED NUMBER: 12980110 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

SERVY INVESTMENTS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

C L Villa

REGISTERED OFFICE:

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Milton Keynes

MK12 5NN

REGISTERED NUMBER:

12980110 (England and Wales)

AUDITORS:

Ad Valorem Audit Services Limited

Chartered Certified Accountants

& Statutory Auditors

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Milton Keynes

Buckinghamshire

MK12 5NN

FIXED ASSETS

Investments in subsidiaries

4

39,477,420

39,477,420

CURRENT ASSETS

Debtors

5

1,082,672

686,217

Financial instruments

6

61,538,010

59,446,046

Cash at bank

7

708,617

393,878

63,329,299

60,526,141

CREDITORS

Amounts falling due within one year

8

449,120

615,763

NET CURRENT ASSETS

62,880,179

59,910,378

TOTAL ASSETS LESS CURRENT LIABILITIES

102,357,599

99,387,798

CAPITAL AND RESERVES

Called up share capital

9

95,236,078

95,236,078

Retained earnings

7,121,521

4,151,720

SHAREHOLDERS' FUNDS

102,357,599

99,387,798

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 June 2026 and were signed by:

C L Villa - Director

1.	STATUTORY INFORMATION

Servy Investments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the US Dollar ($).

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover for the year represents income generated from investment activities, including dividend income from equity securities, interest income from fixed-income securities, and realised gains from the sale of financial assets. It may also include management fees if applicable.

Turnover is recognised in line with the company's accounting policies and financial reporting standards, while unrealised gains or losses are excluded and reflected separately in fair value adjustments.

INVESTMENTS IN SUBSIDIARIES

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

FINANCIAL INSTRUMENTS

The company invests in fixed income and other investments.

The company adopted appropriate policies related to the recognition, classification and measurement of financial assets and liabilities derecognition of financial instruments and impairment of financial assets and hedge accounting.

Non current financial assets are measured at amortised cost: the asset is measured at the amount measured initial recognition minus principal repayments plus or minus cumulative amortisation of any difference between that initial amount and the maturity amount and any loss allowance. Changes in fair value are recognised in profit and loss when the asset is derecognised or reclassified.

Current financial assets are measured at fair value through profit and loss. Changes in fair value are recognised in profit and loss as they arise.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

BUSINESS COMBINATIONS

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

INVESTMENTS

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

4.	INVESTMENTS IN SUBSIDIARIES

Shares in

group

undertakings

$

COST

At 1 January 2025

and 31 December 2025

44,178,042

PROVISIONS

At 1 January 2025

and 31 December 2025

4,700,622

NET BOOK VALUE

At 31 December 2025

39,477,420

At 31 December 2024

39,477,420

2025

2024

$

$

Servy Participacoes

29,148,955

29,148,955

Servy Participacoes em Saneamento Ltda

10,328,464

10,328,464

Sociedade de participacoes e Projetos de Saneamento - SSP

4,700,623

4,700,623

Provision for losses in subsidiaries

(4,700,623

)

(4,700,623

)

Total

39,477,420

39,477,420

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2025

2024

Subsidiary undertakings

Servy Participacoes

Brazil

Ordinary shares

100%

100%

Servy Participacoes em Saneamento Ltda.

Brazil

Ordinary shares

100%

100%

Sociedade de participacoes e Projetos de Saneamento - SPP

Brazil

Ordinary shares

100%

100%

The principal activity of all of the above subsidiary undertakings are water sanitation and rental of non-residential buildings.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

$

$

Amounts owed by associates - Vine Eden Wine Resort S.A.S.

312,000

-

Accrued interest

770,672

686,217

1,082,672

686,217

Accrued interest

The balance as at 31 December 2025 as follows:

2025

2024

$

$

J.P. Morgan

109,370

106,534

Credit Suisse

83,705

37,840

Itaú

259,298

214,347

UBS

318,299

327,496

770,672

686,217

6.	FINANCIAL INSTRUMENTS

Financial Assets at fair value through profit and loss

Total

$

$

Cost or Valuation

At 1 January 2025

59,446,046

59,446,046

Additions

61,051,067

61,051,067

Disposals

(60,561,084

)

(60,561,084

)

Fair value adjustments

1,601,981

1,601,981

At 31 December 2025

61,538,010

61,538,010

The balance as at 31 December 2025 as follows:

UBS

Itaú

Credit Suisse

J.P. Morgan

Total

$

$

$

$

$

Money market investments

1,813,254

-

567,795

1,292,267

3,673,316

Fixed income

20,080,919

16,468,161

8,071,169

6,477,206

51,097,455

Other investments

2,810,310

-

3,956,929

-

6,767,239

24,704,483

16,468,161

12,595,893

7,769,473

61,538,010

7.	CASH AT BANK

2025

2024

$

$

Credit Suisse

363,855

88,279

UBS

152,921

122,261

Itaú

76,742

134,150

J.P. Morgan

115,099

49,188

708,617

393,878

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

$

$

Trade creditors

32,379

-

Taxation and social security

416,741

615,763

449,120

615,763

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

$

$

68,980,771

Ordinary

£1

95,236,078

95,236,078

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Zubair Arshad FCCA (Senior Statutory Auditor)

for and on behalf of Ad Valorem Audit Services Limited

11.	CONTINGENT LIABILITIES

At 31 December 2025 the company had bank guarantees issued by UBS Switzerland AG in favour of third parties amounting to USD 4,430,000 and PEN 2,635,000. The guarantees expire between 31 March 2026 and 30 June 2027.

The directors are not aware of any circumstances which would give rise to a claim under these guarantees and accordingly no provision has been recognised in the financial statements.

12.	ULTIMATE CONTROLLING PARTY

The company's immediate and ultimate parent undertaking is LVC Ltd, a company registered in The

Bahamas.